HSBC will commence banking operations in Georgia on Monday, unveiling asix-storey flagship branch and head-office premises on Rustaveli Avenue inthe heart of the capital Tbilisi. The Group was awarded a local bankinglicence in July 2007 and will operate under the name HSBC Bank Georgia.This brings to 84 the number of countries and territories in which HSBC hasa presence.
With an initial staff of 44, most locally employed banking professionals, HSBC Bank Georgia will offer the full range of retail and commercialproducts and services as well as foreign exchange and capital marketsexpertise. Plans for a second branch are already well underway with the acquisition of a freehold site on Gamsakhurdia Avenue in Tbilisi’s busycommercial district.
Georgia is one of the most dynamic economies in the former Soviet Union.Real GDP growth was 12.4 per cent in 2007 with net FDI inflows of US$1,563mversus US$542m in 2005. Per capita GDP last year was US$2,315. Thepopulation numbers around four and a half million.
“With GDP growth last year in excess of 10%, strong FDI inflows and a series of highly successful structural reforms in place, we believe that Georgia offers some of the best growth opportunities in the entire CIS region,” says Tony Turner, CEO, HSBC Bank Georgia.
“There is a new breed of Georgian who are increasingly global in outlook and expect nothing less from their bank. As The world’s local bank, HSBC is able to offer them unrivalled access to international banking services as well as local expertise from professionals on the ground,” adds Turner.